The board may:

1. (1) accept and use gifts, grants, and contributions from any public or private source, under terms and conditions which the board deems necessary and desirable;
2. (2) sue and be sued;
3. (3) enter into contracts and agreements;
4. (4) make rules and regulations necessary for the conduct of its business and the accomplishment of its purposes; and

5. (5) receive and approve, alter, or reject requests and proposals for funding by organizations.

   As added by Acts 1981, P.L.101, SEC.1.